BOM Bank (LA) Premium Checking Earns 4.09% APY Up To $15k

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Deal Summary: Premium Checking, 4.09% APY up to $15k, $100 minimum opening deposit.

Availability: Market area includes seven northwest Louisiana parishes.

BOM Bank’s Premium Checking account has been part of the Bank’s product line for more than two years, and its initial 4.09% APY (on qualifying balances up to $15k) is still in effect. Qualifying balances greater than $15k earn 0.20% APY, while non-qualifying balances earn 0.15% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
4.09*%-$15kBOM BankBOM Premium Checking Account
OTHER TIERS: 0.20% $15k+
Rates as of September 18, 2019.

Qualifying Requirements

  • At least 20 monthly debit card transactions.
  • At least one ACH payment or Direct Deposit.
  • Enrolled in and agree to receive online statements.
  • Access online banking and/or Mobile App.

The Premium Checking account has no minimum balance requirement or monthly service fee, but does require a minimum $100 opening deposit. Nationwide ATM fees will be reimbursed up to $20 each month, if qualifications are met. There is a limit of one account per Social Security number.

Availability

Headquartered in Montgomery, Louisiana, BOM Bank’s market area includes seven northwest Louisiana parishes – Bienville, Bossier, Caddo, Grant, Natchitoches, Rapides, and Sabine.

Opening a Premium Checking can only be done in-branch, requiring a visit to any of 14 Louisiana branches located in Alexandria (2), Benton, Castor, Derry, Haughton, Many, Montgomery, Natchitoches (2), Ringgold, and Shreveport (2).

Bank Overview

BOM Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.46% (excellent) based on March 31, 2019 data. In the past year, BOM Bank has increased its total non-brokered deposits by $21.58 million, an excellent annual growth rate of 5.96%. Please refer to our financial overview of BOM Bank (FDIC Certificate # 1373) for more details.

Established in 1903 by a group of Grant Parish businessmen, BOM Bank was originally known as the Bank of Montgomery. For more than 90 years, the Bank’s market area didn’t go beyond the borders of Grant Parish; growth began in 1996, with the opening of a branch in Natchitoches Parish. Between 2015 and 2017, the Bank acquired Bank of Ringgold (three locations), Tri State Bank (two locations), and two individual MidSouth Bank locations. In early 2018, the BOM Bank rebrand occurred when the headquarters moved from Montgomery to Natchitoches. BOM’s latest acquisition is the Bank’s first out-of-state venture: First State Bank of Hemphill, Texas.

How the Premium Checking Compares

When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available within the market area and have maximum qualifying balances of at least 15k, BOM Bank’s Premium Checking APY currently ranks first.

The above rates are accurate as of 8/19/2019.

To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.

Related Pages: Shreveport checking accounts, Alexandria checking accounts, reward checking accounts

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